Swedbank, Coral Beach hearing is called off
A Supreme Court hearing expected to put Coral Beach Club in receivership by mortgagee Swedbank was postponed yesterday.
Swedbank AB New York Branch versus Brickman Properties was due to be heard in Commercial Court at 11am, but it is understood it was cancelled due to legal issues over documents.
With the receivership looming, Coral Beachs future as a private club remains unclear.
New York-based Brickman purchased the CBC and Horizons leases from ultimate owners, George Wardmans company, with a loan which ended up being held by Swedens Swedbank.
As part of the lease purchase, Brickman also agreed to annual rental payments of $1 million for the Horizon lease and $1 million for the CBC lease for the next 45 years of the lease,.
A group of members has been looking at buying the club, but it is understood Swedbank will only sell the two leases as a package.
MP Crockwell ‘to quit OBA’
Men brandish machete and bat in Hamilton
New clothing boutiques open at hotel
Schuetz under investigation in California
Attempted armed robbery at Four Star Pizza
Victim calls for permanent police presence
Two arrested after home invasion
Residents demand action over dangerous road
Fahy hits back over claims of lost $300,000
Casino ship plays last hand ... as dive site
Rubber playground is fun ... and safe
Brown steps down from Team BDA
Helping youth express themselves through art
Hamilton Princess completes $100m overhaul
Designer selected for London exhibition
Take Our Poll